The demand for retirement products: the role of withdrawal flexibility and administrative burden

“Current pension products not flexible enough for many of the selfemployed”

About 40% of the self-employed in the Netherlands save too little for their retirement. Currently, they are more likely to invest in a house or put money aside in flexible savings than invest in a pension product. 48% of the self-employed don’t know how to calculate their annual contribution limit, which can deter the self-employed from investing in pension products. Could offering the self-employed pension products with a greater withdrawal flexibility and lower administrative burden encourage them to save more for their retirement?

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Key Takeaways for the Industry

  • Demand for the fiscally attractive pension products with increased withdrawal flexibility and reduced administrative burden is higher for the self-employed than employees.
  • Abolishing the need to provide financial information to purchase annuities below a given threshold may boost the pension savings of the self-employed and lower-income workers in particular.


Want to know more?

Read the paper ‘The Demand for Retirement Products: The Role of Withdrawal Flexibility and Administrative Burden’ by Pim Koopmans, Marike Knoef and Max van Lent (Leiden University).

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.


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